Four Banks Advancing on Insurance Front
From Caijing Magazine:
Insurance industry regulators have started reviewing investment plans submitted by four commercial banks eager to profit from the growing demand for insurance products in China.
An official with the China Insurance Regulatory Commission (CIRC) said July 29 that its review file now includes insurance business proposals from Industrial and Commercial Bank of China (SSE: 601398, HKSE: 01398), China Construction Bank (SSE: 601939, HKSE: 00939), Bank of Communications (SSE: 601328, HKSE: 03328) and Bank of Beijing (SSE: 601169).
CIRC spokesperson Yuan Li said the banks initially submitted plans to the nation’s banking regulator, which gave its blessing before passing them to the insurance regulator. The last stop in the approval process would be the State Council, China’s cabinet.
No timetable for a final decision has been announced.